doosan building your tomorrow today

Table of Contents

2 About Doosan

A History of Transformation

An Explosive Growth Record

Global Expansion that Extends Our Reach

The Doosan Way

12 Our Infrastructure Support Businesses 36 Holding Company and Others

48 Corporate Social Responsibility

56 Financial Review

62 Domestic/Global Network

Doosan has selected “ ” as the corporate slogan,which is based on the conviction that companies must contribute to humankindand help to shape the future. All Doosan employees now embrace this slogan,and we continue to enhance our capabilities as a global company through ourunique value and philosophy. Doosan is working at this very moment to provide the basics necessary forimproving the quality of people’s lives. Doosan’s presence can be foundin every area of the infrastructure support business, which encompassesindustrial facilities, machinery, heavy equipment and construction. You areinvited to watch how we are helping to shape the future for all.

About Doosan

A History of Transformation

Korea’s Oldest EnterpriseDoosan is Korea’s oldest business organization witha proud history of 116 years. Doosan began in 1896 asKorea’s first modern retail business, known then asPark Seung-jik Store and has grown and developed formore than a century.

A Journey of Dynamic Change and InnovationNow a global ISB powerhouse, Doosan’s historyrepresents a story of dynamic change and growth.In 1946, Chairman Too Pyung Park renamed the ParkSeung-jik Store as the Doosan Mercantile Company,marking the start of our modern history. We diversifiedinto brewing and international trade in the early 1950sand into construction, food & beverages, machinery,media and cultural services in the 1960s. By the 1970s,Doosan was well established as a leader in Koreanconsumer products and culture-related businessesand our construction, machinery, and electronicsbusinesses entered high-growth stages.

During the 1980s, we focused on becominginternational while also venturing into publishing andadvertising. In the 1990s, operations were divided intothree business sectors: information & retail, consumerproducts, and high-tech materials.

In 1995, one year before our 100th anniversary, we began to rigorously restructure with an aim to reinvent ourselves for the 21st century. We sold flagship affiliates, including OB Beer, improved profitability by integrating 23 affiliates into 4 companies (Doosan Corporation, Doosan Engineering & Construction, Doosan Packaging and Oricom) and introduced advanced management systems.

Transition to an ISB-driven Business PortfolioWith a better financial health and improved cashflows,Doosan has accomplished remarkable change andgrowth through the acquisitions of new growth enginessince 2000. Doosan acquired power and desalinationplant builder Doosan Heavy Industries & Construction(formerly Korea Heavy Industries & Construction)in 2001, Koryo Industrial Development in 2003 andconstruction equipment maker Doosan Infracore(formerly Daewoo Heavy Industries & Machinery) in

2005. Such major acquisitions have transformed ourbusiness portfolio to one centered on the infrastructuresupport business (ISB).

Acquisition of Global OperationsDoosan has aggressively acquired companies outsideKorea to grow and globalize. In 2005, we acquiredthe water treatement business of US-based AmericanEngineering Service Inc. (AES) to set up Doosan HydroTechnology. In 2006, we acquired UK-based DoosanBabcock (formerly Mitsui Babcock Energy), with patented technologies in the design and engineeringof boilers, as well as a large-scale casting and forgingoperation Doosan IMGB (formerly Kvaerner IMGB) inRomania. In 2007, Doosan Infracore acquired the US based Bobcat, the world’s No. 1 compact construction equipment company, to emerge as the world’s seventh largest construction equipment maker. In 2008, we acquired Doosan Mottrol (formerly Tongmyung Mottrol), a hydraulic systems specialist, and Norway-based Doosan ADT (formerly Moxy Engineering), a maker of articulated dump trucks. Each of these acquisitions has added significant synergy value to our rapidly growing ISB business.

In 2011, Doosan Heavy Industries & Construction acquired Chennai Works, an Indian manufacturer of boilers for coal-fired power plants to raise its order-taking competitiveness in the local market. Also, we obtained a majority share of Germany’s Lentjes to access original technologies for eco-friendly power generation facilities.

A New History as a Top-tier Global EnterpriseWe have accelerated our globalization throughaggressive cross-border acquisitions. As such,Doosan now operates 24 domestic and 113 overseassubsidiaries, generating 58% of our sales from outsideKorea in 2011.

Although we have already achieved significant changes, we will continue to pursue further transformation toprovide exceptional products and services that inspiretrust and pride among our customers, shareholdersand employees.

About Doosan

Our Infrastructure Support Businesses

Holding Companyand Others

Financial Review

Corporate Social Responsibility

05

Sales growth (In trillions of KRW)

1998

3.4 26.32011

An Explosive Growth Record

Average Annual Sales Growth : 20%Doosan chose to pursue the infrastructure supportbusiness as our new main growth engine, a choicethat has generated phenomenal growth. Sales (whichtotaled W3.4 trillion in 2000) reached W26.3 trillion in2011, a CAGR of 20% per year. Over the same period,operating profit increased from W300 billion in 2000to W1.7 trillion in 2011. This achievement was madepossible through the simultaneous pursuit of bothorganic and inorganic growth.

A Balanced Growth of Scale and ProfitabilityDoosan Heavy Industries & Construction’s saleshave steadily increased from W2.5 trillion in 2001to W8.5 trillion in 2011 (including overseassubsidiaries). Equally impressive was the steady growthin operating profit, which rose from W93.0 billion toW6.9 trillion (including overseas subsidiaries), anaverage increase of 21% a year over the same period.

DHI&C’s market capitalization has risen every year over the past decade, from KRW 980 billion in 2001 to more than KRW 6.89 trillion in 2011. In 2011, we established the new EPC and Power Business Groups to generate synergy between EPC projects and the related supply of materials. Of course, this move expands our capacity to fabricate construction materials in-house. The overall goal is to realize “profitable growth” in the power plant segment, namely a balance between operational expansion and higher profitability.

New Growth Engines through AcquisitionsDoosan Infracore has also grown remarkably. In 2007,the company acquired the American firm CTI, whichowns patented technology for engines powered bya blend of hydrogen and compressed natural gas(HCNG) and Yantai Yuhua Machinery, a major Chinesewheel loader maker. In 2007, Doosan Infracore alsocompleted the acquisition of Bobcat, the world’sleader in compact construction equipment. Thisacquisition enabled us to climb to fifth placeamong global construction equipment makers.

Transition to a Holding Company Structure forSustainable GrowthDoosan has maintained record growth by establishinga technology-oriented business portfolio andsuccessfully restructuring our capital structure. In2009, we transitioned to a holding company structureafter 3 years of preparation and established moretransparent corporate governance. With renewedfocus on our core business as well as a strengtheneddrive to enhance corporate value, we laid thefoundation for long-term sustainable growth.

Sales (In billions of KRW)

26,290.2

24,478.5

21,386.3

22,704.4

18,516.3

’15E

’11*

’10*

’09

’08

’07

44,588.2

>

About Doosan



Financial Review


* In Accordance with the Korean International Financial Reporting Standards (K-IFRS)

07

Annual revenue growth rate since 2000

20%

Accelerating GlobalizationOur diverse business portfolio allows us to improvethe lives of people around the world. Meanwhile,our global expansion is accelerating, thanks toa talented workforce of 43,000 employees (at the end of 2011) in 34 countries (with more than 21,000 employed outside Korea) and a sales network spanning more than 1,600 locations worldwide. In 2011, we generated W15.1 trillion in sales (over half of the total revenue) from outside the Korean market.

Efficient Networks that Span the GlobeDoosan’s production plants span the globe from the US and Europe to Asia. Our production facilities are closely linked with the Korea-based headquartersand global R&D and engineering networks based inthe US, India and Europe to ensure that customersworldwide receive top-quality products, technologyand services.

An ISB Leader Recognized WorldwideDoosan has been recognized as a global leaderin various ISB sectors including power, seawaterdesalination, construction equipment and marinediesel engines.

Doosan has emerged as a global EPC contractor in the power plant segment. At the same time, we have delivered the most heat-recovery steam generators in the global industry over the past decade (2001-2010). Meanwhile, Doosan Heavy Industries & Construction is internationally recognized as the world’s foremost builder of seawater desalination plants. We are now entering the multi-effect distillation (MED) segment, thereby furthering our market dominance.

Doosan has also completed a client-tailoredconstruction equipment portfolio that encompassescompact, mid-sized and large model lineups.Importantly, we are ranked first in the world for skid

steer loaders, compressors and attachments while our aggregate sales of excavators in China remained the highest among all manufacutrers throughout 2010.

Doosan is ranked the second in the world for lowspeed marine diesel engines. Many other Doosanproducts such as work rolls and mold steel for coldrolling, hydraulic turbines for hydroelectric plants andcrankshafts for large vessels have been selected as“World Best Products” by the Korean government.

Ongoing Investment for Stronger CompetitivenessDoosan invested W1.62 trillion in 2011 to extendglobal reach and bolster global competitiveness.We continue to strengthen operations and expandthe business network by hiring and trainingglobally competent talent. We are also adopting theInternational Financial Reporting Standards (IFRS) aspart of our commitment to operating on the globalstage and adhering to global standards.

Global Expansion that Extends Our Reach

About Doosan



Financial Review


Overseas vs. Domestic Revenues (Unit: %)

Domestic

Overseas

’98 ’11

58

42

18

82

09

43,000 in 34 countries

Our global workforce

The Doosan Way

Exclusive Values and Philosophy of the Doosan Way The Doosan Way is our unique way of doing business

that has sustained Doosan for more than ten decades,

and has given us a competitive edge for the future.

As a values-based management system, it guides us

as we set goals and make strategic decisions,

and as we work to reach our company’s aspirations

and fulfill our vision. There are two key components

of the Doosan Way: the Aspiration and the Doosan Credo.

AspirationDoosan’s ultimate goal is the creation of a Proud Global

Doosan. In our Vision, each of our employees and all of

our stakeholders will benefit from, and be proud of their

association with Doosan. Every employee takes great pride

in being a member of Doosan. Each customer recognizes

and appreciates Doosan’s high-quality goods and

services. Every shareholder values our fair and high levels

of profit.

Doosan CredoThe Doosan Credo is about the values that the people

of Doosan demonstrate everywhere we operate, every

day. The Doosan Credo is at the heart of the Doosan

Way: its values guide the way we do business, the way

we treat each other, and the way we work with all of

our stakeholders. The Doosan Credo focuses on our

responsibilities to people, business and society. We are

confident that by fostering talented people, honesty,

transparent business management, and ceaseless

innovation, we will become a ‘Proud Global Doosan’.

Cultivation of Globally-Competent PersonnelWe established “People Infrastructure” to recruit, retain

and train highly qualified people. In support of this effort,

we operate Doosan Leadership Institute (DLI), a worldclass

human resources development center.

Here, globally-competent personnel are being cultivated

through cutting-edge training and education programs

that employ the latest learning methods, case studies,

simulations and a combination of online/offline learning.

The values and philosophythat drive our growth

About Doosan



Financial Review


11

Left to right: Jaebum Kwon, Doosan Corporation; Yousun Shin, Doosan Engineering & Construction; Taehwan Kim,Doosan Corporation; Sun Ying Xia, Doosan Infracore China; ; James B. Bemowski, Doosan Infracore America; Trong Luan Do, HANVICO; Mublin A.G.Dawood, Doosan Heavy Industries & Construction; Jungyeon Kim, Doosan Corporation; Mahendra Vaidya, Doosan Heavy Industries & Construction; Pauly Virginie, Doosan Infracore Europe.

Our InfrastructureSupport Businesses

Sales Contribution by Business Type (Unit:%)

OtherBusinesses

InfrastructureSupportBusinesses

The infrastructure support business (ISB) is

both a growth engine and the key to our global

expansion. ISB also delivers the essentials for

enriching lives worldwide. The business is about

building and operating infrastructure in the

public and private sectors and includes energy

development, parts and machinery, construction,

civil engineering, transportation and other value-

added areas.

Doosan’s ISB activities generate 90% of total

sales and encompass various types of plants,

construction equipment, machinery, military

equipment, housing, expressways, bridges and

industrial engines.

The rapid progress of urbanization, globalization,

and the surging growth of the emerging markets

will enable us to increase ISB market share and

help enrich the world through continuous growth

of our ISB business.

Enriching the world as an ISB leader

Our InfrastructureSupport Businesses

’98 ’11

90

10

33

67

About Doosan



Financial Review


15

90%

ISB share of sales portfolio

Doosan Heavy Industries& Construction

A Frontrunner in Industrial PlantsDoosan Heavy Industries & Construction hasspearheaded the growth of the Korean machineryindustry by supplying basic materials such ascastings and forgings as well as facilities fornuclear, thermal, and hydraulic power generation;seawater desalination and water treatment;transportation and environmental protection.In addition, the company is a world-class generalcontractor, well recognized for its technology andconstruction capabilities of industrial plants,civil engineering projects such as subways,expressways and high-speed railways, andlargescale projects. A Global Leader in Power and WaterDoosan has supplied 133 boilers (about 58GW in combined capacity), 101 turbines and generators (about 61GW in total output), and 422 HRSGs for power plants over the past four decades. Since 2006, Doosan has played a prominent role in the industry by winning numerous EPC contracts for large-scale power plant projects in the Middle East, India and Southeast Asia. Also, we have won orders for 25 desalination plants across the Middle East, including in Saudi Arabia, the UAE, Kuwait, Oman, and Qatar since 1978. The amount of fresh water produced daily in these plants is about 5.7 million tons, enough to satisfy the daily needs of 19 million people. Boost in Global Business CompetenciesDoosan established Doosan Power Systems with Doosan Babcock in the UK and Skoda Power in the Czech Republic in a bid to go after power plant market in Europe and the Americas. In May 2009, we completed a large-scale plant complex in the Dung Quat industrial park in Vietnam to fabricate parts for generators, material-handling systems, and water desalination facilities. This complex is now in regular operation. In 2011, we acquired Chennai Works in India to elevate our competitive-ness in tenders for local construction contracts. The Indian maker of boilers for coal-fired power plants is located in the port of Chennai, the big-gest city in South India. Also, we took managerial control over Lentjes, a German company, to obtain original technologies for eco-friendly power gen-eration facilities.

Renewable Energy for Our Future BusinessDoosan is developing solutions that will add value and improve performance by taking innovation and technological excellence to the next level. Efforts are underway to raise the competitiveness of main business areas and to discover new growth opportunities in power plant upgrades and relatedservices. We are a leader in developing clean coaltechnologies, wind power generation, fuel cells and other next-generation energy technologies. In2010, we completed the performance test of theWinDS3000TM, a 3 MW offshore wind power generation system developed by Doosan. We received our first order for three units to be installed at a wind farm in Sinan, South Jeolla Province, and received certification from the DEWI-OCC Offshore and Certification Centre GmbH (DEWI-OCC) for wind turbines. The DEWI-OCC certification will accelerate Doosan’s advance into Europe and US, the Middle East, and Southeast Asia markets.

Changing the world with cutting-edge technology and expertise

About Doosan



Financial Review


** In Accordance with the Korean International Financial Reporting Standards (K-IFRS)


* Revenues of overseas subsidiaries are included from 2007.

5,136.3

7,030.27,684.6

14,990.2

7,928.98,495.5

’07* ’08 ’09 ’10** ’11** ’15E

>

119 GW

Total power generation capacity

17


About Doosan



Financial Review


EPC

Doosan is a major Engineering, Procurement and Construction (EPC) contractor for power plant projects, and one which plays a leading role in every process along the way, from design and fabrication to procurement, installation and commissioning. Since 2003, we have won a number of important EPC orders in the Middle East, India and Southeast Asia. The first significant one was a coal-fired thermal power plant EPC project in Sipat, India. This was followed by a 4,000 MW thermal power plant complex in Mundra, India and the Jebel Ali M power station in the UAE. In 2010, we began to work on the world’s largest power plant with the Rabigh 6 project (daily capacity of 2,800 MW) in Saudi Arabia and the Mong Duong 2 thermal power plant in Vietnam.

Power

Doosan acquired Doosan Babcock in the UK andSkoda Power in the Czech Republic, positioningourselves a global leader with a wealth oforiginal technologies and extensive track recordin the areas of boilers and turbines. To date, we have supplied 560 thermal power plant units to the domestic and overseas markets. Doosan has retained the top share of the world market for

HRSGs used in combined-cycle thermal power plants since 2001. At the same time we are at a leader in developing and commercializing technologies for the next-generation, eco-friendlier power industry, to include carbon capture & storage, wind power generation and fuel cells. In 2010, we received an order to supply wind turbine systems to the Sinan Wind Farm in South Jeolla Province of South Korea, and we received international certification from Germany’s DEWI-OCC (Offshore and Certification Center).

Nuclear Power Plants

Doosan has earned international recognition in the industry by supplying reactor vessels, steam generators and key components for nuclear power plants not only in Korea, but in the U.S. and China as well. In 2008, we won orders to supply Westinghouse Electric with six reactors and a dozen steam generators in support of the first new nuclear plant construction in the U.S. in 30 years. Doosan is also the main supplier of the nuclear steam supply system for Korean-built nuclear power plants in the UAE. In 2010, Doosan completed work on the first APR-1400 reactors for Shin-Kori 3, a new light water reactor model developed exclusively in Korea. We also localized a digital I&C system called MMIS (man-machine

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19

interface system) and completed the development of Korea’s first reactor coolant pump. These breakthroughs will be applied to reactors at Shin-Ulchin 1 and 2, which will mean that all the main components at Korean nuclear power plants will have been entirely manufactured using domestic technology.

Water Plants

Doosan is one of the few companies in the world that offers proprietary technologies for all three main desalination processes: Multi-Stage Flash (MSF), Multi-Effect Distillation (MED), and Reverse Osmosis (RO). Doosan also holds a commanding lead in the global desalination market. In addition to the 310 MIGD plants currently under construction, our current desalination plants are producing more than 1,280 MIGD of potable water for daily use, serving more than 19 million people around the world. In 2010, we signed an agreement to build the Ras Al Khair Phase 1 plant in Saudi Arabia, which will ultimately become the largest desalination plant in the world, with a capacity of 228 MIGD. In addition, we plan on building the world’s largest single-unit MED plant, in Yanbu, Saudi Arabia. Doosan conducts its water-related R&D activities at its R&D centers in Changwon (Korea), Dubai (UAE), and Tampa (USA). The main goal of our R&D centers

is to implement needs-driven water systems that allow for brand-new solutions to the water market. Furthermore, Doosan has expanded its business portfolio into the water treatment sector, with our wide spectrum of products and services now actively marketed by regional offices in the Americas, the Middle East, and Southeast Asia.

Castings & Forgings

Doosan boasts the world’s highest capacity when it comes to castings and forgings. The company also has the technology to provide top-quality materials that satisfy specifications in a number of different fields, such as power plants, steelmaking, mold steels, tool-making, mining, cement manufacturing, and bridge building. In 2006, our global expansion took off with our acquisition of Doosan IMGB (formerly known as Kvaerner IMGB), the owner of the largest power plant in Romania. In the nuclear power plant supplies market, we have further increased our competitiveness by discovering new growth opportunities for mega-sized, single-piece castings and forgings and succeeded in building a mass production line. As of 2011, seven of our products, including a rotor shaft for turbine generators, have been designated “World Best Products” by the Korean government.


About Doosan



Financial Review


Doosan Power Systems

In 2009, Doosan established Doosan Power Systems (DPS), with the support of UK-based Doosan Babcock and Skoda Power of the Czech Republic, to make further inroads into American and European markets.

Doosan Babcock

Doosan Babcock is a world-class company withover 110 years of history in design, supplyand construction of advanced steam generationtechnology for the power plant industry. DoosanBabcock possesses source technology to design,engineer and construct dust coal combustionboilers, a major product line in the world’s thermalplant boiler market. Recently, Doosan Babcockbecame the world’s first to succeed in a 40MWoxycoal clean combustion test, a size that can becommercialized, paving the way to build a cleanplant that emits no carbon dioxide.

Skoda Power

Skoda Power is a 150-year old Czech-basedcompany that designs and manufactures steam

turbines and other power facilities. Skoda Powerpossesses patented technology in steam turbinesand has provided about 2,000 units to thermaland nuclear power plants. By acquiring SkodaPower in 2009, Doosan has been able to produce boiler turbine-generator packages.

Doosan Lentjes

In 2011, Doosan acquired AE&E Lentjes, which delivers plant engineering, boiler, and environmental technologies, as well as components for thermal power generation and energy from waste plants. The German company established in 1928 owns numerous high-end green technologies such as circulating fluidized bed combustion (CFBC) boilers and desulfurization systems.

Doosan Hydro Technology

Doosan Hydro Technology owns patented technolo-gies for reverse osmosis systems, which account for 50% of the world’s desalination facilities market. Thus, Doosan is now equipped in-house with technologies for all three of the major desalination system types: Multi-Stage Flash(MSF), Multi-Effect Distillation (MED) and Reverse Osmosis(RO).

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21

Doosan E&S (Engineering & Services)

Doosan E&S was established as a strategicalliance with Burns and Roe, a renowned plantengineering firm, in New Jersey in September2008. Doosan E&S will receive the engineeringtechnology and know-how of Burns and Roe, while the engineers at Burns and Roe will participate in the worldwide projects of Doosan.

Doosan Vina

Doosan Vina is a global production base inside theDung Quat Industrial Complex in Vietnam completed in May 2009 after more than two yearsof construction. Doosan Vina has 5 productionplants and is fully equipped with its own portand harbor facilities. These plants produce boilers,HRSGs, desalination plants and transportationfacilities.

Local engineers are now being cultivatedand efficiency raised to match the productivity ofChangwon plant. Doosan Vina aims to become a major global production base with annual earnings of US$ 330 million by 2020.

Doosan IMGB

Established in 1963, Doosan IMGB is the largestforging and casting company in Romania,equipped with a 13,000-ton press and capable ofproducing 140,000 tons a year. We haveunsurpassed competitiveness in the world marketfor power plant castings and forgings and mostlyexport our products to Europe, the Americas,China, and the rest of Asia. Doosan will develop Doosan IMGB as a second materials supply base (the first is in Changwon, Korea) and plans to increase its sales to US$900 million in 2015, more than double the current level.

Doosan Chennai Works

Chennai Works, which joined in Doosan in 2011, is a manufacturer of boilers for coal-fired thermal power plants. The company is located inChennai, India. Major products include waterwalls, coil, and headers for boiler systems withcapacities of 300MW and lower. We offer optimalsolutions and services tailored to the local needsof the Indian market via Doosan Chennai Works.

Doosan InfracoreEmerging as a world-leadingconstruction equipment maker

A Global Leader in Construction EquipmentDoosan Infracore is a world-class machinerymaker, providing top-quality products andservices in the business areas of compactequipment, machine tools, engines, attachmentsand utility. The company leads Doosan’sISB segment, bolstering overall productcompetitiveness and market position throughongoing technology and quality enhancement.

An Extensive Global NetworkDoosan Infracore operates a broad global business network that includes local sales subsidiaries, branches, parts centers and technical centersin diverse locations in the world as well as ourdealer organization network extending worldwide.In addition, we have built large-scale factories inKorea, China, the US, Belgium, Germany, France,Hungary, and Norway to produce various kinds ofconstruction equipment, and machine tools thatenable us to satisfy the diverse needs of localcustomers.

Continuous Expansion of World Market ShareOur superior technologies, high quality productsand exceptional services have raised customersatisfaction to increase our global market shares.We firmly lead the Korean markets for excavatorsand machine tools, while our aggregate excavatorsales total in China remains the highest in theindustry. We maintain the top share of the USmarket for compact construction equipmentand are steadily increasing our share of theheavy-duty construction equipment segment.Importantly,sales have skyrocketed in the newlyemerging markets of Latin America, the formerCIS, Africa and India.

Global R&D CapabilitiesContinuous R&D investment has enabledDoosan Infracore to secure the capabilities todevelop world-class products. R&D personnel

at the Doosan Group R&D Center and the R&Dunits of each business group are dedicated tocreating high-performing, high-quality productswith environment-friendliness and value-addedfeatures for the next generation. Going forward,we will further enhance our global technologyleadership by steadily expanding our R&Dinvestment.

A Rapid Rise toward the Global Top 3 MachineryDoosan Infracore is pursuing operationalinnovations to bolster global competitiveness,with our vision to make each of our divisions rankamong the world’s top three in their respectivebusinesses. We also focus on securing futuregrowth engines by developing and marketingnext-generation construction equipment,compact equipment machine tools, engines,attachments and utility with world-classperformance and reliability.

About Doosan



Financial Review



’15E’07 ’08 ’09

4,280.1

7,371.3

5,538.2

’10**

7,481.9

’11**

8,463.1

15,400.0

* On a condolidated financial statement basis, including DII


23

Global vision ofDoosan Infracore

2020 Global

Top 3 machinery

Doosan Infracore

About Doosan



Financial Review


Doosan Infracore ConstructionEquipment (DICE)

Doosan

The Doosan brand is proudly displayed on medium- and heavy-sized construction equipment produced by Doosan Infracore. We have been building a global production and business network since 1990 to become one of the world’s foremost construction equipment makers. We have received international recognition for advanced electronics and information technologies as well as for compliance with global environmental regulations. Currently, we operate large-scale construction equipment factories in Korea, China and Belgium. We have also established sales subsidiaries, branches, and a worldwide dealership network, making us a truly global player in every respect.

In addition, our global operations keep expandingwith Bobcat compact construction equipment andMontabert attachments. We are building a customer and market-oriented organizational platform while maximizing synergy to make Doosan Infracore one of the world’s Top 3 construction equipment makers.

Bobcat Company

Bobcat developed the world’s first compact construction equipment. The company operates R&D, procurement, production and sales operations in North Dakota, USA, and has a tradition that goes back more than half a century.

Bobcat has a global production system that spans North America, Europe and Asia, with a product lineup that includes skid-steer loaders, mini excavators, mini track loaders, compact track loaders and telescopic tool carriers. The highly popular Bobcat brand of equipment is supplied to work sites around the world. We have built a wide base of customers worldwide. Currently, the Bobcat brand of compact skid-steer loaders and compact track loaders enjoy the top share of their respective markets. The Bobcat mini excavator is ranked third in global market share.

The North American and Europe markets are showing signs of recovery, and Bobcat is steadily expanding its market share of its mainstay skid-steer loaders and mini-excavators. Going forward, the Bobcat brand will maintain world leading competitiveness through synergy with Doosan Infracore.

25

Portable Power

Portable Power is 140 years old and producescompressors, generators, lighting systems andother items famous for reliability and durability.The lineup offers innovative solutions formanufacturers, builders and mining companies.Portable Power’s products have played importantroles in the maintenance of world-famousstructures such as Mt. Rushmore, the HooverDam, the Georges Dam and the Channel Tunnel.Currently, Portable Power enjoys the top share ofthe world market for air compressors.

Portable Power is responding to changing needs atwork sites by adding smaller, lighter models as wellas concrete equipment, truck-mounted equipmentand portable security systems.

Attachments

Through three outstanding brands – Montabert, Tramac and Geith – Doosan now commands the largest share of the global market when it comes to attachments. The 50-year-old Montabert line encompasses hydraulic rock breakers, demolition attachments, pulverizers, rock drill attachments and other machinery used in construction and

demolition. Hydraulic rock breakers, demolition tools, vibration compactors and cutting heads are sold under the Tramac brand, while Geith products are attached to excavators, wheel loaders, track loaders and backhoes for construction, excavation, demolition and scrap iron recovery.

Doosan ADT

Doosan ADT has R&D and production operations in Molde, Norway and Doosan ADT(formerly Moxy Engineering)has an R&D center and production facility in Molde, Norway. The company is aggressively advancing into the global market by leveraging original technologies for articulated dump trucks (ADTs) ranging between 23 and 46 tons. The heavy-duty ADTs are essential equipment in large-scale mine development projects and construction projects on roughs terrain.

The acquisition of Moxy Engineering has elevated the Doosan Infracore brand as an all-around construction equipment maker. Doosan’s technology and dealer network are now being leveraged still more in an aggressive global sales campaign.

Doosan Infracore

Machine Tools

Our machine tool business group has expanded rapidly in recent years. In fact, we are now striving to become one the world’s top three metal-cutting machine tool makers. Our lineup encompasses turning centers, machin-ing centers, numerically-controlled boring ma-chines, electric discharge cutters, ultra-precision nonspherical surface cutters, free-form surface cutting machines and factory automation systems. Turning centers and machining centers are the main product lines for Doosan Infracore Machine Tools, Moreover, the company’s cutting-edge multifunction machining and turning center, 5-axis machining centers and ultra-high-speed (50,000rpm) machining centers are attracting much attention in the global marketplace. Doosan Infracore developed its first turning centermodel in 1980 and has continued to expand thisbusiness ever since.

In 1997, we developed 28 models of turning centers and machining centers. We have held

our own international machine tool exhibition biannually to display many of our new products, further enhancing our standing as a world-class machine tool company. Our focus is on ensuring unrivalled product functions and reliability, expanding our heavy-dutyand high-precision machine tool lines, and bolstering our system engineering competencies. These efforts enabled us to achieve a world record in monthly orders in April 2011, and our sales for the year reached a new high. Our market share is number one in the U.K. and Italy, and we now claim the sixth largest global market share.

Also in 2011, we hosted a highly successful 8th Doosan International Machine tools Fair (DIMF), an in-house event. Our brand recognition and stature were also raised by our participation in EMO Hannover 2011 and the 12th China International Machine Tool Show (CIMT), which are among the leading international trade fairs for the machine tool industry. Importantly, we displayed 65 new models at DIMF, focusing primarily on the heavy-duty and high-end segments. Our introduction of the latest platform and elemental technologies in the “Technical Zone” at the Fair also helped

About Doosan



Financial Review


27

to promote the reliability of our machine tool products and demonstrate our technical prowess as a global machine tools maker.

Engines

Doosan Infracore started making diesel engines in1958. Since then, we have leveraged our R&Dcapabilities and production technology to remainas the industry leader in Korea. We completed a large-scale plant for mass-producing diesel engines in 1975. Ten years later, we develoed a diesel engine model with our own technology, thereby strengthening our front-running position in the industry.

The Engines & Materials BG operates facilities for engine assembly, materials production, and parts machining. The product portfolio includes a diverse range of diesel and gas engines for use in commer-cial vehicles, construction equipment, generators, ships and military hardware.

We completed development of a low-emission diesel engine model in 1995, followed by a CNG engine for commercial vehicles in 1998. Our R&D

successes in the 2000s include a low-pressure LNG engines for power plants, common-rail dieselengines, Euro 5-compliant diesel engines and tier 4-interim diesel engines for construction equip-ment. We currently have the capacity to produce 72,000 diesel engines a year. Production of a 1500hp engine for battle tanks is scheduled to start in 2013, and the application of the ultra-heavy-duty model will be subsequently extended to power generation.

Meanwhile, some of the world’s strictest environ-mental standards are to be found in California, and our compressed natural gas (CNG) engines have been granted the US10 certification. In 2008, we established plant in the US that is now supplying CNG engines to the Los Angeles County Metro-politan Transportation Authority for use on buses. Meanwhile, we established a diesel engine joint venture with Xuzhou Construction Machinery in China in 2009 and completed a plant capable of turning out 50,000 diesel engines a year in Suzhou, Jaingsu Province. Production of mid-sized (6- and 8-liter) engines for construction machinery begins in 2012, and output will be expanded to include models for commercial vehicles.

A 50-year TraditionDoosan Engineering & Construction (E&C) was established in 1960 and has subsequently advanced in step with the history of Korea’s construction industry.

New Challenges, Changes at Doosan E&CWe have leveraged a wealth of know-how andoutstanding technology to execute diverse projectsinside and outside Korea, laying the groundworkfor social and economic advancement for half acentury. Our flagship businesses of civil engineering,building construction and plant construction havebeen bolstered through change and innovation.Meanwhile in 2010, our merger with DoosanMecatec has allowed us to expand into thefabrication of Chemical Process Equipment(CPE)that will allow us to surge forward as a world-classbuilder of infrastructure and plants. Infra Solutions ProviderDoosan E&C has built the most kilometers of high-speed rail track of any Korean construction company. We participated in the planning, construction and operation of the New Bundang Line, Korea’s first privately-funded electric rail service, solidifying our position in this industry segment. In the CPE segment, our two factories at Changwon Korea have been augmented by the establishment of Doosan Vina in Vietnam in cooperation with Doosan Heavy Industries & Construction. This overseas operation serves to strengthen our global competitiveness. Furthermore, we acquired KEPIC certification, and nuclear power N stamp certification, and now are preparing to take part in nuclear power plant construction projects inside and outside Korea. We also advanced into the new business of constructing subsea plant structures and facilities, branding our image as Technology Doosan to the world customers.These developments demonstrate our exceptionaltechnologies on the world stage and reinforce Doosan’s reputation for superior technology. Overthe mid-to-long term, Doosan E&C will emerge as aglobal player that provides total solutions related toinfrastructure.

Beginning a Brighter WorldDoosan E&C faithfully fulfills corporate socialresponsibilities, which became increasingly importantduty to any business operation. We are enhancingtransparency in every aspect of our business, frompurchase, to sales, fabrication and construction, andpromote win-win partnerships with our suppliers,conducting through fair trade based on mutual trust.We maintain various CSR programs that includeHabitat, the environment protection campaign, andour employees donate a portion of their salaries tohelp needy people become self-reliant and grow.

Doosan Engineering & Construction Beginning a Brighter World

About Doosan



Financial Review


Business Portfolio

Civil Works

CPE (Chemical Process Equipment)

OSS

Road, Highway, Railway, Subway, Tunnel, Port, Airport, Reclamation

Building Works

Residential Facility, Commercial Facility, Remodeling, Mixed Use High-Rise Building

Plant Chemical engineering/petrochemical plants, industrial plants, energy plants, environmental plants

Tower, Column, Reactor, Pressure Vessel, Heat Exchanger, Module

Steel structures, modular plants for onshore & offshore, Subsea facilities

* OSS : Offshore Structure and Subsea


’15E

3,613.6

’07 ’08 ’09 ’10* ’11**

1,798.01,939.9

2,310.3

2,825.3 2,783.3

* Including the sales of Doosan Mecatec(Jan.~Oct.), merged in 2010


29

W3.3trillion

2015 Order target

Doosan Engineering & Construction

Civil Works

Doosan E&C is capable of performing all aspects of civil works projects, from engineering and construction to maintenance and management. The project portfolio includes high-speed railways, subways, roads, bridges, land preparation, land reclamation, and ports. We have laid more high-speed rail track in Korea than any other builder, and we applied the nation’s largest diameter shield construction method when building Section 909 of Seoul Metropolitan Subway Line 9.

Privately-funded infrastructure (PFI) projectsrepresent another main business area, where ourwealth of experience, coupled with exceptionalengineering, project planning and project executioncapabilities provide us with the strongest positionin Korea. Doosan E&C was involved in buildingthe New Bundang rail line, the first privately fundedproject of its kind in the Greater Seoul Area.Other PFI projects of note include Section 5 of the Gangnam Beltway and the expressway upgradeof the road between West Suwon and Euiwang.Construction of such infrastructure is helpful to

preserving the environment and to enrich the futurelife for everyone.

Plant

Doosan Engineering & Construction (E&C) sustains both organic and inorganic growth every year as a globally competent market player in the plant engineering business. Providing plant engineering services of all types, which include chemical engineering, energy, industrial and environmental plants, Doosan is proud to play a part in bringing nature, people, and corporations together so that they can grow in a sustainable way together.

Our most notable EPC projects include low-temperature liquefied gas storage tanks, terminals and gas processing plants in the Middle East, Southeast Asia and Africa. Building on our experiences from these projects, we are increasing our backlog and EPC capabilities. Today, after having entering into a community energy supply system (CES) project, we have been able to fully display our technological prowess in the renewable energy business.

About Doosan



Financial Review


31

Building Works

Architecture is an art form. Without the support of construction technology, architectural masterpieces would not be possible. Doosan E&C applies advanced technological prowess coupled with superb creativity and aesthetic sensibility to create spaces of great artistic value. At the same time our unique styling puts the finishing touches on spaces that beautify the world around them.

The ‘Doosan We’ve’ apartment brand is setting new trends in modern living, and our rising brand power provides us with outstanding competitiveness in apartment redevelopment and reconstruction projects. We have built massive residential and com-mercial structures in Korea’s capital region as well as in Busan, Taegu and other major provincial cities.

Noteworthy among recently completed projects is Doosan We’ve the Zenith, an 80-story high-rise residential building that towers 300 meters near Haeundae Beach in Busan. The landmark structure has served to elevate the stature of Doosan Heavy Industries & Construction.

Chemical Process Equipment

Doosan E&C leads the world in new ordersreceived for large and ultra-large chemical processequipment (CPE). From our well-located and cuttingedge fabrication factories in Korea and Vietnam,we provide customized reactors, large towers &columns, heat exchangers and pressure vessels.Doosan E&C became the first Korean company tobe qualified as a heavy wall reactor fablication forChevron, one of the world’s largest oil refiners.

OSS(Offshore Structures and Subsea)

Based on its wide fabrication experiences and technologies for ultra large structures including steel bridges, stackers/reclaimers, Doosan E&C has end-to-end capabilities in various steel structures and modular plant area in offshore and onshore field. Doosan E&C are now seeking sustained growth and innovation through entry into subsea structures and facilities area as well.

Total Global Engine MakerDoosan Engine is ranked among the world’s top makers of large low speed and medium speed marine diesel engines. We also build and maintain internal combustion power plants that use diesel engines. Our annual output capacity stands as the global leader of 14 million bhp and we have grown to rank the second in the world market for large marine engines.

A Leader of the Marine Diesel Engine IndustryWe have established a leadership position within the industry by exceeding accumulated production of 80 million bhp in the shortest time in the world since we first built engines totaling 200,000 bhp in 1984. Our mainstay business is low and medium speed marinediesel engines for large vessels. In addition, we alsobuild the main propulsion engines and shipboardgenerator engines for large vessels or special ships.Our engine portfolio ranges from 700 to 116,000 bhp.

Specialized Factories and Efficient Production SystemDoosan Engine now has a low speed engine production capacity of 12 million bhp per year and has established an efficient production system with factories that specialize in specific engine sizes. Furthermore, with the completion of a new factory dedicated to medium speed engines, Doosan Engine boasts the industry’s first mass production system by continuous process. The factory is capable of producing up to one thousand flawless medium speed engines a year for a total annual output of 2 million bhp by establishing a “fool-proof ” system that guarantees quality along with the production. We are now equipped to satisfy a complete range of customer needs and be a key player in the ongoing advancement of the marine engine industry.Our own technological roadmap calls for us to deepen and further advance core technologies to become a leader at upgrading engine design and reduce design costs for greater competitiveness.

To Be the No.1 Engine Maker in the WorldDoosan Engine is firmly committed to the goal of becoming the world’s No. 1 engine maker. We have implemented a meticulous quality management system to ensure that our engines and services are the best available. We also continue to devise innovation activities such as the 3 Zeroes (zero defects, zero complaints and zero claims) and 3C Plus (clean factory, clean mindset and clean engine). Our Single PPM program promotes as well as rewards excellence for our suppliers, who are recognized for superior quality competitiveness around the world.

Doosan EngineBecoming the world’s foremost engine maker

About Doosan



Financial Review


Business Portfolio

Low Speed Diesel Engines Medium Speed Diesel Engines Diesel Power Plants Parts Sales Technical Service

’15E


2,810.0

’07 ’08 ’09 ’10* ’11*

1,222.0

1,734.81,772.6 1,831.8

2,005.3


33

World’s market share for marine engines

No.2

Doosan Capital Trustworthy Global Financial Partner

Doosan Capital was founded in 1995 and

has provided a suite of financial services that

includes installment loans and leasing. We are

acknowledged as the market leader in equipment

financing and leasing in Korea.

Doosan China Financial Leasing Corp., a local

subsidiary of Doosan Capital, was established

to reinforce equipment financing and support

the Doosan Group’s ISB business in the Chinese

market. Our company will expand into new areas

such as North America, South America, Europe

that will lay the groundwork for Doosan Capital to

become a global financial company.

Doosan Capital is strengthening its position in

Korea’s equipment financing segment in order

to emerge as a global credit services provider.

Resources are being acquired and allocated toward

the global captive business.

Also our company plans to enhance risk

management, sales, and marketing capabilities

and secure the funding capacity to support global

operations and cope with market volatility.

Providing trusted financial services

Doosan Capital / Neoplux

NeopluxA Partner for Elevating Corporate Value

Neoplux offers direct investment and related

services as an investment firm specializing in

venture capital, corporate restructuring and

operations consulting. In 2002, we organized

Korea’s first secondary fund, the Pre-KOSDAQ

Secondary Investment Partnership, which

primarily invests in stocks held by venture

capitalists. We now operate funds totaling some

W800 billion on behalf of institutional investors.

We also offer optimal solutions to corporations

and investors that need incubation funds for

startups and buyout funds for distressed

medium-sized companies with excellent

turnaround potential.

Our consulting unit offers systematic and

professional services to help clients elevate

operations to a world-class level.

About Doosan



Financial Review


35

A2+

Current corporate bond rating ofDoosan Capital

Holding Company and Others

In 2009, Doosan transitioned to a holding company system to establish a more transparent and advanced corporate governance system. After three years of preparatory restructuring and cyclical investment resolution, the Group has established a sustainable management system that is up to global standards.

Doosan Corporation operates both as a holding company that earns brand royalties and dividends and a business entity that can independently generate income.

As a holding company, Doosan Corporation has participated in mergers and acquisitions to secure new revenue sources as well as bolster the competitiveness of existing business lines.In 2009, our financial structure received an additional boost through the sale of our liquor business and the acquisition of Doosan Mottrol (formerly Tongmyung Mottrol).

In addition, we established DIP Holdings in 2009 and acquired as subsidiaries Doosan DST, a defense company and SRS Korea, a leading fast food restaurant/concession company.

The electro-materials unit produces and supplies top-quality copper clad laminate (CCL) worldwide. This is an essential material for printed circuit boards used in digital devices and electronics.

Doosan Corporation Mottrol has a number of competitive, world-class technologies in the field of special devices like travel devices, swing devices and hydraulic pumps for heavy machinery used in construction.

A world-renowned manufacturer of engine/electric counterbalance trucks, Doosan Industrial Vehicle was awarded the grand prize at the

Enhancing corporate value through advanced corporate governance

Holding Company and Others

About Doosan



Financial Review


Ergonomics Society of Korea’s Ergonomic Design Awards for its next-generation counterbalance truck.

Doosan has also gained a strong reputation outside the infrastructure support business (ISB).

In the service sector, Doosan has remained close to customers through Oricom, Korea’s foremost specialist in brand management; Doosan Magazine, Korea’s leading publisher of trendsetting magazines; Doosan Dong-A, value creator with top educational and cultural contents; Doosan Tower, more than 520 fashion shops at a single location; the convenient, eco-friendly Ladena Resort with enhanced accessibility thanks to the new Seoul-Chuncheon Expressway; and Doosan Bears, which always brings fun and excitement to sports fans.


4,215.0

’15E

1,881.21,736.3

1,218.1

’07 ’08 ’09

1,405.8

’10*

1,930.1

’11*


Doosan CorporationOperating as both a holding company and a business

the Jiangsu region of China as well as subsidiaries or branches in Hong Kong, Singapore, China, Japan, and Taiwan.

Doosan’s CCL products are recognized worldwide for superior quality and have certifications that include KS (Korea), UL (the US), BSI (the UK), CSA (Canada), VDE (Germany), JET (Japan), ISO 9001 and ISO 14001.

Our extensive technology and expertise in the CCL business have been applied to diversify into flexible CCL, metal CCL, organic light emitting diodes (OLED). Demand for CCL is now being driven by the growth in the world markets for mobile phones, computers and advanced network. We are committed to meeting this new demand with top-quality products.

Electro-Materials Dominant Leader in Electronic Parts

Doosan supplies top-quality copper clad laminate (CCL), an essential material for printed circuit boards, worldwide. Our product lines include epoxy-based CCL (for PCBs in high-performance electronics such as computers, LCDs, mobile phones, digital communications and handsets), and phenol-based CCL (for PCBs in TVs, VCRs, audio players, refrigerators, washing machines, CD-ROM drives and DVD-ROM drives).

Our customers include Samsung and LG in Korea as well as Sony, Hitachi, Toshiba, IBM, Philips, AT&T, Thompson and Siemens outside Korea. Our domestic plants and research operations are located at Jeungpyeong, Gimcheon, Iksan, and Yongin. Our overseas network includes a plant in

About Doosan



Financial Review


41

MottrolGlobally-recognized Parts Maker

We have established a system for producing 30,000 traveling motors, swing motors, main pumps, main control valves (MCVs), and other parts for hydraulic equipment per month. Mottrol’s quality and environ-ment management systems have received certifica-tion for ISO 9001, KSD 0050-9000 (Korean defense industry quality control standard) and ISO 14001.

Our ongoing R&D effort has resulted in the localized production of hydraulic equipment and our traveling motors for excavators were named a “World Best Product” by the Korean Ministry of Commerce, Industry and Energy in 2006.

In 2011, Doosan Mottrol Jiangyin(DMJC) was established in China to expand our output capacity,

and investment has been completed in a large-scale facility.

In addition, we applied our power-train system technology to develop our own gearbox, a key component for wind power generation systems. Commercialization is now underway.

Sales in 2011 totaled KRW 508.2 billion, up 26% year on year, while operating profit amounted to 70.6 billion, a 10% improvement over 2010. In 2012, we will expand our presence in China’s local maker segment and open a new R&D center. Our goal is to achieve annual sales of KRW 1.3 trillion by 2016 and emerge as one of the world’s top-tier makers of hydraulic parts and equipment.

Doosan Corporation

Our biotechnology unit develops new materials for pharmaceuticals, health foods and specialpurpose cosmetics, as well as natural plant growth regulators. We are exploring major markets such as China and India to sell our medical fat emulsifier (PL95), which was selected as a nextgeneration top-grade product by the Ministry of Knowledge and Economy in December 2008.

High growth will be maintained by enhancing the competitiveness of core businesses and constantly developing high value-added business lines and new products. We will leverage the optimal business portfolio to become one of the world’s top service companies, providing differentiated value to customers.

Glonet 116 Years of Trading Experience Doosan started out in 1896 and has remained in trading for 116 years. The trading arm was renamed Glonet in 2007 and the portfolio was restructured to include logistics, heavy equipment rentals and biotechnology.

We have the specialized people and infrastructure for offering domestic overland shipping as well as international marine shipping services. We are also working to initiate a new business of the construction equipment leasing to diversify our revenue sources and enhance the profitability. Heavy equipment rentals involve heavy equipment and operators to overseas plant construction and engineering projects.

About Doosan



Financial Review


4343

Information & CommunicationsTotal IT Service Provider for Doosan

The Information & Communications (I&C) business unit of Doosan Corp. provides complete services for Doosan operations worldwide, including IT consulting, system integration, and application & IT infrastructure operations and IT infrastructure management service.

I&C focuses on promoting the success of core Group operations and performing its role as an integrated manager of IT supply to Doosan Group to effectively support the affiliates with their rapidly growing businesses. To this end, we strive to acquire world-class competencies, while maximizing intra-Group synergy through our integrated IT operation inside and outside Korea.

The Information & Communications BU introduced an advanced cloud computing service that relieves Doosan affiliates of their IT investment burden. In addition, the ERP system installation and expan-sion continued at Doosan Infracore, Doosan Engine and Doosan Corporation to support their success inside and outside Korea.Importantly, we have been establishing three global bridgeheads with local offices in the US,China and Europe in order to enhance the IT service support delivered to the overseas units of Doosan Group affiliates.

Going forward, we will work to maximize customer value, which in turn will raise the competitivenessof Doosan affiliates’ global operations. In the pro-cess, we will grow as a world-class supplier ofintegrated IT services.

DIP Holdings Improving corporate value and capabilities through efficient investment

Doosan Industrial VehicleHigh-performance Logistics Equipment Maker

Doosan Industrial Vehicles is Korea’s leading logistics equipment maker. We started to produce the nation’s first forklifts in 1968 and have since grown into a global player with production facilities in Korea, Germany and China, and sales subsidiaries in the US, Belgium and the UK. We are now exporting forklifts to over 100 countries. Notably, we have secured unrivalled leadership in the domestic market with a market share of around 50 percent.

We place the highest importance on customer satisfaction and top-tier quality. We have established a quality control system that has received ISO 9001 certification for rigorous quality control and used this system to build a quality assurance infrastructure and help our partners produce higher quality parts.

As a result, all of our workplaces and partners both at home and abroad received ISO 9001 certification. Also, we are committed to improving the design capabilities of our research and development staff and developing pioneering technologies to deliver reliable and excellent quality to our customers. Thanks to these efforts, we won the “Ergonomic Design Grand Prize” for excellence in driving comfort of our forklifts in 2005, and the “Red Dot Award”, one of the world’s most prestigious design awards and the “iF Product Design Award”, one of the world’s three major industrial design awards, for our concept forklift in 2011. These achievements signify that we are globally recognized for superior quality.

We are aiming to rank among the top 5 in the global logistics equipment industry. To make this happen, we are innovating our operations continuously, striving to develop environmentally-friendly technologies ahead of the competition, and expanding our aftermarket business.

About Doosan



Financial Review


45

Doosan DSTDefense Specialist with Global Competitiveness

Doosan Defense Systems & Technology (Doosan DST) obtained government permission to par-ticipate in the defense industry in 1973 and has played an important role in improving Korea’s self-defense posture by developing and producing an impressive integrations of high-precision and high-tech weapon systems. These include ar-mored fighting vehicles, such as the K200 model, the surface-to-air guided weapon systems Biho (“Flying Tiger”) and Chunma (“Pegasus”), and the K21 armored fighting vehicle.

Doosan DST’s technology is gaining recognition internationally as well. Since the first export of K200 armored fighting vehicles to Malaysia in 1993, we exported Barracuda (4x4) armored wheeled vehicles to Indonesia in 2004. In 2009, we made a contract to export the Blackfox (6x6 armored wheeled ve-

hicles with a 90mm gun turret) to Indonesia and the vehicles are now in production. Doosan DST aims to remain on the forefront of the future defense industry by leveraging our excellent technology and executing differentiated export strategies.

SRS KoreaA Major Food Service Provider

SRS Korea is a major force in Korea’s restaurantindustry with globally recognized brands andstellar management. Our customers enjoyconvenient food and friendly service in clean andcomfortable dining environments. SRS Korea runs 145 Kentucky Fried Chicken restaurants and 118 Burger King franchise outlets in Korea. We also engage in the concession business, with food and beverage outlets at Incheon International Airport. In 2012, we launched a Korean food ingredient business to create synergy with our existing busi-nesses and strengthen our growth engines.

Doosan BearsKorea’s Favorite Professional Baseball Club

The Doosan Bears team was crowned the Korean baseball champion in the first season of the professional baseball league in 1982. The team won two more championship titles in 1995 and 2001 and has steadily advanced to the post-season, maintaining its reputation as an excellent baseball team. In addition, Doosan Bears developedan i-Phone application, opened a mobile homepagefor smart phones first as a baseball team and joined social network service (SNS) for active communications with fans.

Doosan Dong-AValue Creator with Top Educational and Cultural Contents

Doosan Dong-A is the No.1 textbook publisher in Korea, playing an important role in the advancement of education by developing and distributing textbooks and educational materials for preschool students; reference books for elementary, middle and high-school students; language learning texts; and dictionaries and various digital educational contents. Thanks to ongoing R&D, our printing business has gained a reputation among domestic and overseas customers for high-quality books, labels, packaging, efficient order handling and quick turnaround times.

Doosan MagazineKorea’s Leading Publisher of Trendsetting Magazines Doosan Magazine has a license agreement with Conde Nast Publications of the US to publish and distribute premium magazines in Korea that feature distinctive concepts and target-specific readerships. Our titles include the Korean editions of Vogue, the fashion Bible; GQ, the men’s lifestyle magazine; Vogue Girl, the No. 1 young fashion magazine; Allure, the beauty and style magazine; W, the unique and intelligent fashion magazine with oversize pages and stunning photography; and Style.Com Korea, a portal providing information on the latest global fashion trends. Each publication is the leader in their respective market segments.

Doosan TowerMore than 520 Fashion Shops at a Single Location

DOOTA (for “Doosan Tower”) is a ten-story fashion shopping mall that is home to more than 520 retail outlets. Here, consumers have access to a diverse and unique product selection in a “one-stop” shopping environment. The mall has grown into one of the nation’s most popular shopping destinations, attracting over 20 million domestic and overseas customers

About Doosan



Financial Review


47

annually. With continuous renovation, DOOTA has been realizing top customer satisfaction as a highly sensitive, high-quality fashion powerhouse by adding greater convenience and an ambient shopping environment.

Doosan Feed & LivestockKorea’s Leading Animal Feed Specialist

With acquired experience and technology over half a century, Doosan Feed & Livestock produces more than 120 types of livestock feeds. Equipped with a fully automated system from the initial stage of material input to final production, we have an annual output capacity of 400,000 tons. We acquired the HACCP certification of the Ministry for Food, Agriculture, Forestry and Fisheries in 2005, establishing a safety management system for livestock products that meets international standards. In addition, Doosan Feed & Livestock makes strenuous efforts to lay groundwork for achieving the No. 1 brand recognition and customer satisfaction of Doosan brand, ‘ Baekdoo Feed.’, Doosan Feed & Livestocks made an industry-academy cooperation MOU with Chung-Ang University. At the same time, we are developing top-quality feed products that undergo thorough test breeding at both Chung-Ang University’s research farm and Doosan Anmyeon-do farm.

OricomKorea’s Foremost Specialist in Brand Management

Oricom was established as Korea’s first comprehensiveadvertising agency in 1967 and has orchestrated effective PR campaigns for clients for over 40 years. Today we raise the value of our clients’ brands through integrated marketingcommunications services that encompass the four mainmedia (broadcast, newspapers, magazines and outdooradvertising) as well as media planning, special promotions,brand consulting and Internet marketing. We have assistednumerous multinational companies in launching theirbusinesses in Korea. Celebrating 45th anniversary, Oricom announced the spin-off of its divisions into 12 independent entities. As a result, the independent operation of diverse expert group will further enhance the specialty of each group and create synergies among them, ultimately enhancing Oricom’s competitiveness.

Doosan CuvexA New Standard for Luxury at Ladena Resort

Doosan Cuvex operates the Ladena Resort in Chuncheon known as the city of lakes with a 22-year history. The Ladena Resort consists of one of Korea’s most prominent golf clubs and the Ladena Condominium. The name “Ladena,” (from the words “lake,” “garden,” and “nature”) sums up the beautiful setting provided to guests. The Ladena Golf Club boasts top-tier field services and offers a breathtaking lakeviews, lush gardens, and scenic trails. Doosan Cuvex offers world-class services to ensure that guests have an enjoyable and memorable experience.

Corporate Social ResponsibilitySharing our commitment to the future and building a sustainable society

Doosan has engaged in various community service activities to fulfill corporate social responsibilities. In 2010, dedicated CSR units were established at Doosan Corp. and each Doosan affiliate to enhance CSR specialization and systematization. Unique programs continue to be developed under the principle of cultivating talent and helping people to become self-reliant.

Yonkang Foundation: The History of our CSR Effort

The Yonkang Foundation was established in 1978 in memory of Doosan’s Founding Chairman Too Pyung Park (1910-1973). The Foundation practices Chairman Park’s belief that “Education drives national advancement.” In parallel to the CSR activities, Yonkang Foundation supports various academic and cultural programs that promote understanding of Korean culture and the national image on the world stage.

Doosan Art Center: Incubator of Culture & the Arts

The Doosan Art Center operates Yonkang Hall, Space 111 (small theater) and Doosan Gallery Seoul as well as Doosan Gallery New York and Doosan Residency New York in Chelsea. The Center helps discover talented young artists in a variety of art genres, including musical, drama, and the fine arts, through Incubating Artist Program, Doosan Residency Program and Doosan Artist Award.

Domestic & Overseas CSR Programs by Doosan Companies

Each Doosan affiliate engages in regular CSRactivities in close cooperation with local organizations and helps local communities advance in the countries where they do business. Each company organizes a volunteer group, establishes programs for volunteer activities such

About Doosan



Financial Review


Scholarships Yonkang Scholarship Doosan Scholarship for Teenagers in Need Scholarship for Students in Areas Affected by Natural Disasters Chinese Studies Research Scholarship Scholarship for Departments of Korean Studies in Foreign Universities Doosan Sports Dream-Tree Scholarship Scholarship for Multi-cultural Households Scholarship for Students in Areas Affected by Natural Disasters

Academic research support Yonkang Environment Research Fund Science Research Fund Yonkang Academic Award

Education Overseas Observation Tours for Teachers After-school Programs The book donation program

Culture Incubating Artist Program Overseas Trip Support for Artists Doosan Residency New York Doosan Artist Award

Employee Participation Doosan Volunteers Activities

51

Major CSR Programsas a salary deductions for charity and matching grants. Dedicated CSR departments develop and operate tailored volunteer programs for needy people in local communities.

The “Tea of Appreciation” campaign, an initiative started in 1991, has delivered instant coffee and tea to military units near the border with North Korea to boost the morale of the soldiers. Other programs include building homes for homeless people, cleaning up local attractions and donating books to local elementary schools that have established “sisterhood” ties with Doosan. In 2009, we started to provide volunteer medical service in Vietnam in cooperation with Chung-Ang University Medical Center. Our people also helped with the relief effort after earthquakes struck Qinghai, China.

Participation in the Management of CAU Foundation

Doosan has remained involved in nurturingcompetent future talent. As part of this effort,we began to participate in the management ofChung-Ang University (CAU) Foundation in 2008.This endeavor is separate from the Yonkang Foundation, which sponsors scholarship programs.

The CAU 2018+ Plan was established in advance ofthe university’s 100th anniversary in 2018 with thestated goals of becoming a “world-class institutionof knowledge generation and higher learning”and a “world-renowned university that studentsfrom around the world want to attend.” Doosan issupporting this plan to realize the vision of CAU as a leader in educational innovation and development.We will also contribute our part in national and social development by fostering young and

competent global talent through successful management of the CAU Foundation.

Chung-Ang University (CAU): A Proud Institution with a 94-year Tradition

Founded in 1918 as Chung-Ang Kindergarten, Chung-Ang University has now grown into one of the most prestigious universities in Korea. During its 94-year history, CAU has graduated 152,187 BA holders, 30,693 MA holders and 4,500 Ph.D holders.

CAU was reorganized from 18 colleges with 77 departments to 10 colleges with 47 departments to elevate educational efficiency and research performance. The university also introduced five vice president positions to head each of the five faculties (Humanities & Social Sciences, Natural Sciences & Engineering,


About Doosan



Financial Review


53

Business & Economics, Medicine & Pharmacy, and Arts & Sports Sciences). The vice presidents are granted the autonomy to run their academic faculty according to its specific needs.

In 2011, the Department of Nursing and the Red Cross College of Nursing were merged to form the current College of Nursing, the largest of its kind in Korea. Also, CAU has integrated the functions of the Seoul campus and Anseong campus under a single system and is planning to create new campuses in Hanam, Gyeonggi-do and Geomdan, Incheon Metropolitan City with the vision of becoming a globally renowned university.A multi-campus system is now considered essential for CAU to be a leader in the global age, so new campuses are being established in Hanam, Gyeonggi Province (east of Seoul) and Geomdan, Incheon (west of Seoul). This expansion will significantly elevate CAU’s competitiveness

while improving university management and campus life.The prestigious 94-year-old institution has acquired the top-class certification in the comprehensive university evaluation and has graduated many important opinion leaders in Korea over the years. CAU is ranked among Korea’s top 10 in the number of graduates who passed the national bar and CPA exams, and ranks first for passing the custom’s house broker exam.

The graduate schools of Law, Business Administration and Medicine have been strong inKorea traditionally, along with the School of Pharmacy, School of Business Administration, School of Mass Communication and Department of Advertising and Public Relations. Furthermore, CAU has built close relationships with 300 renowned universities around the globe to offer international exchange programs.

Support for Nurturing Future Talent

Doosan believes that education is the keyto developing individuals, corporations andnations and we have been an active supporter ofacademic research and education.

Since 1979, our organization has donated W6.2 billion for scientific research, particularly in the environmental and medical fields. Another W13.6 billion has been provided for our annual scholarship programs. Each year, the Yonkang Scholarship program pays all the tuition and other school-related fees for recipients chosen among university and high school students on the basis of merit. Other scholarship programs include Doosan Scholarship for Teenagers in Need, Doosan Sports Dream-Tree Scholarship, Scholarship for Multi-cultural Households, Chinese Studies Research Scholarship, and Scholarship for Departments of

Korean Studies in Foreign Universities. The diverse academic research support and scholarship programs of the Doosan Group will continue to contribute to advancing our academic knowledge and nurturing future talent.

Overseas Educational Programs Growing Hope

In 2001, Doosan funded the establishment ofthe Bajiao Elementary School in the Economic &Technological Zone of Yantai, China. With that asa start, we have participated in Project Hope, aprogram that is stretching across China to eradicate illiteracy and offer children in economically disadvantaged districts a new hope for the future. Through Project Hope, we had completed 27 elementary schools as of 2009 and have been constructing three more elementary schools since 2010. As such, the Doosan Group strives to fulfill our responsibilities as a corporate


About Doosan



Financial Review


55

citizen and obligations to the communities where we operate.

Environment, Health & Safety

Doosan fulfills corporate social responsibilitieswith a firmly rooted commitment to environmentalprotection as well as to the health and safety of employees. We know that all employees and those of partner companies have the basic right to work in a safe and healthy environment and that this is a principle that cannot be easily compromised. Therefore, all Doosan work sites are under a strict EHS management system and abide by all related laws and regulations. We believe that making EHS the highest priority will ultimately elevate corporate value. Doosan strives to develop products and technologies that are highly energy efficient and thus can meet our green growth objectives and enhance the health of the

employees. Going forward, we will continuously implement this EHS philosophy worldwide.

International Culture Exchanges to Bring the World Closer Together

Doosan is committed to learning about thehistory, people, language and culture of whereverour companies conduct business. We also wantto provide opportunities for others to learn aboutKorea and Doosan. In 1988, we funded theestablishment of a Korean Studies program at theUniversity of Auckland in New Zealand. Since then, we have supported Korean Studies programs atWashington University, University of Hawaii (US),and University of Barcelona (Spain).We also continuously support Korean Studiesdepartments at major universities in China, India,Vietnam Romania and Turkey.

Financial Review

The performance of Doosan has increased

remarkably since the beginning of the new

millennium. Total sales skyrocketed, from

W3.4 trillion in 2000 to W26.3 trillion in 2011,

while operating profit increased from W300 billion

in 2000 to W1.7 trillion in 2011. The financial

structure has become stronger with the debt-

toequity ratio dropping from 771% in 1996 to

212% in 2011.

This review will provide an understanding and

analysis of the Doosan fiscal results for the

year 2011. Our operations are focused on the

infrastructure support businesses (ISB) and

more than 90% of our sales are made in that

sector. ISB sales are quite sensitive to general

economic circumstances. A number of factors

beyond expected corporate competition can affect

our short term operating results. These include

exchange rate fluctuations, the loss or expiration

of technology licenses, costs associated with

new technology development and the timing of

technology launches and the adverse effects of

tougher regulations.

R&D success is a major factor affecting our long

term success. Like other leading ISB players, we

devote substantial resources to R&D with benefits

that emerge over the long term.

Many of our companies grew rapidly in 2011

amid these dynamic changes. Here are just a few

highlights of the successes for the year:

Summary Financial Review

About Doosan



Financial Review


Doosan Heavy Industries & Construction

. Reached a 10-trillion-won mark in newly booked orders for two consecutive years

. Achieved the largest-ever sales of KRW 8,495.5 billion.

. Won the contract (bulk order) for a large thermal power plant in India

. Products, including nuclear reactors, oil boilers and rotor shafts for power generation, were selected as industry-leading products.

. Won Korea’s first WINDS3000TM DEWI-OCC certification for 3MW-level sea wind power system

Doosan Infracore

. Record-high sales for two consecutive years: KRW 8,463.1 billion

. Highest production volume of construction machinery in the Asia-Pacific/Europe region: 1,861 units

. Highest sales volume for machinery tools, up 44% year-on-year: KRW 1,264.3 billion

. Largest market share in the UK, Italy and Brazil, and the world’s 5th largest market share: machinery tools

. Completion of the Suzhou plant, the second production base for construction machinery that included small excavators

Doosan Engine

. Diesel Engine Global Leader 2nd in the world low speed engine market

59

Doosan’s global competitiveness was

strengthened in the difficult business year of

2011. The mainstay units performed very well

and the major product lines saw an increase in the

global market share. Doosan Heavy Industries &

Construction recorded the top and second largest

share in the global markets of desalination

plants and heat recovery steam generator (HRSG)

respectively, firmly establishing itself as the

frontrunner in the global market for power and

desalination plants. Doosan Infracore has drawn

attention as a new leader in the global heavy

machinery market.

We have bolstered the R&D program, secured

proprietary technologies through acquisitions that

provide Doosan with greater competitiveness, and

are more customer focused than ever. We invested

W1.62 trillion last year, while building outstanding

business systems and programs for nurturing

talented individuals with global competencies.

Having met all our short-term goals of the past

several years, we are now focused on the future.

Our true strengths lie in our diverse business

portfolio as well as our ability to manage every

aspect of every business with imagination and

rigorous attention to detail. We know we can always

improve, shape our business plans even more

strategically, continue to give back while doing well

and continue to build upon the support and respect

of valued employees and customers.

The Road Ahead

Doosan is advancing steadily toward the goal of

joining the world’s Top 200 Companies by 2020.

Our focus on core technology development will

continue to provide a competitive edge and

allow us to transform our business to meet new

opportunities. Our unifying “2G Strategy” – the

growth of business through the growth of people

– will ensure that we grow to become the world’s

number one company in the infrastructure support

business (ISB).

We look forward to each milestone that measures

our success. At the same time, we will work

hard to develop quality products and services

that allow more people to enjoy the benefits of

electricity, potable water, construction machinery,

bridges, expressways, financing, advertising,

publishing, fashion and leisure.

The pulse of transformation is all around us.

Doosan sees the results in all our businesses, as

we continue to grow into an even more dynamic

and global company.

Financial Statement 2010

Profit/loss figures are based on average F/X rate of KRW1,156.26/US$.

Financial position figures are based on year-end F/X rate of KRW1,138.90/US$.

* The assets, shareholders' equity, sales and operating income of Doosan Heavy Industries & Construction, Doosan Infracore

(Excluding DII), Doosan Engine and Doosan Capital are on a consolidated basis including the results of overseas subsidiaries.

In Accordance with the Korean International Financial Reporting Standards (K-IFRS).

** Other companies include NeoTrans, DFMS, Doosan Dong-A, Doosan Bears, Doosan Feed & Livestock, Doosan Cuvex,

Doosan Tower, Doosan DST, RexCon, N-Shaper, SRS Korea.

About Doosan



Financial Review


(millions dollars)

Total Total Shareholder's Operating

Description

Companies Assets Equity

Sales Income

Listed Doosan Corporation 2,718 1,852 1,216 121

Company

Doosan Heavy Industries & 11,055 4,218 6,857 446

Construction*

Doosan Infracore* 9,669 1,544 6,471 586

Doosan Engineering & 4,722 1,176 2,443 55 Construction

Doosan Engine* 1,937 306 1,584 240

Oricom 88 37 78 5

Non-Listed Doosan Capital* 2,321 144 193 -44Company Neoplux 57 38 24 7

Others** 2,402 1,096 2,303 186

Grand Total 34,969 10,411 21,171 1,602

61

Financial Statement 2011

Profit/loss figures are based on average F/X rate of KRW1,108.11/US$.

Financial position figures are based on year-end F/X rate of KRW1,153.30/US$.

* The assets, shareholders' equity, sales and operating income of Doosan Heavy Industries & Construction, Doosan Infracore

(Excluding DII), Doosan Engine and Doosan Capital are on a consolidated basis including the results of overseas subsidiaries.

** Other companies include NeoTrans, DFMS, Doosan Dong-A, Doosan Bears, Doosan Feed & Livestock, Doosan Cuvex,

Doosan Tower, Doosan DST, RexCon, N-Shaper, SRS Korea.

(millions dollars)

Total Total Shareholder's Operating

Description

Companies Assets Equity

Sales Income

Listed Doosan Corporation 2,756 1,706 1,742 176

Company

Doosan Heavy Industries & 11,783 4,159 7,667 514

Construction*

Doosan Infracore* 10,148 1,981 7,637 640

Doosan Engineering & 4,412 1,098 2,511 -235 Construction

Doosan Engine* 1,778 498 1,809 253

Oricom 86 40 94 8

Non-Listed Doosan Capital* 2,433 214 226 14Company Neoplux 50 45 32 11

Others** 2,669 1,254 2,006 117

Grand Total 36,114 10,996 23,725 1,498

Doosan CorporationDoosan Tower 18-12Euljiro 6-ga, Jung-gu, SeoulTel 82 2 3398 0114Fax 82 2 3398 1135www.doosan.com

Electro-Materials Yonkang Bldg., 270Yeonji-dong, Jongno-gu, SeoulTel 82 2 3670 8820Fax 82 2 3670 8829www.dse.co.kr

Mottrol456-3 Nae-dong, Seongsan-guChangwon Gyeongsangnam-doTel 82 55 269 5114Fax 82 55 269 5220www.doosanmottrol.com

GlonetDoosan Bldg., 105-7Nonhyeon-dongGangnam-gu, SeoulTel 82 2 510 4700Fax 82 2 510 4901www.doosan.com/glonet

Information & CommunicationYonkang Bldg., 2;70Yeonji-dong, Jongno-gu, SeoulTel 82 2 3670 8500Fax 82 2 3670 8555www.doosan.com/ic

Doosan Heavy Industries &Construction Co., Ltd.555, Gwigok-dong, Seongsan-gu Changwon, Gyeongsangnam-doTel 82 55 278 6114Fax 82 55 264 5551~2www.doosanheavy.com

Doosan Infracore Co., Ltd.7-11, Hwasu-dongDong-gu, IncheonTel 82 32 211 1114Fax 82 32 211 1231www.doosaninfracore.com

Doosan Engineering & Construction Co., Ltd.Doosan Bldg., 105-7Nonhyeon-dongGangnam-gu, SeoulTel 82 2 510 3114Fax 82 2 510 3836www.doosanenc.comwww.weveapt.co.kr

Doosan Engine Co., Ltd.69-3, Sinchon-dong, Seongsan-guChangwon, Gyeongsangnam-doTel 82 55 260 6000Fax 82 55 283 2233www.doosanengine.com

Doosan Capital Co., Ltd.4F Seoulsquare 541 Namdaemun-ro 5-ga, Jung-gu, SeoulTel 82 2 6456 1700Fax 82 2 6456 1800www.doosancapital.co.kr

Neoplux Co., Ltd.Doosan Tower 18-12Euljiro 6-ga, Jung-gu, SeoulTel 82 2 3398 1070Fax 82 2 3398 1071www.neoplux.com

DIP Holdings

Doosan Industrial Vehicle Co., Ltd.7-18, Hwasu-dongDong-gu, IncheonTel 82 32 211 5000Fax 82 32 211 5010www.doosan-iv.com

Doosan DST30, Sungju-dong, Seongsan-guChangwon, Gyeongsangnam-doTel 82 55 280 6114Fax 82 55 280 6118www.doosandst.co.kr

SRS Korea Co., Ltd.Yonkang Bldg., 270Yeonji-dong, Jongno-gu, SeoulTel 82 2 3670 8323Fax 82 2 3670 8398www.srs-korea.comwww.kfckorea.comwww.burgerking.co.kr

Doosan Bears Inc.10, Jamsil 1-dongSongpa-gu, SeoulTel 82 2 2240 1777Fax 82 2 2240 1788www.doosanbears.com

Doosan Dong-A Co., Ltd.Yonkang Bldg., 270 Yeon-ji-dong,

Jongno-gu, Seoul

Tel 82 1644 0600

Fax 82 2 3670 5002

www.doosandonga.com

Doosan MagazineDoosan Bldg., 105-7

Nonhyeon-dong

Gangnam-gu, Seoul

Tel 82 2 510 4500

Fax 82 2 510 4501

www.style.co.kr

www.vogue.co.kr

www.gqkorea.co.kr

www.voguegirl.co.kr

www.allurekorea.com

www.wkorea.com

Doosan Tower CorporationDoosan Tower 18-12

Euljiro 6-ga, Jung-gu, Seoul

Tel 82 2 3398 2386

Fax 82 2 3398 3028

www.doota.com

Doosan Feed & Livestock Corporation 15-6 Samjeong-dong, Ojeong-gu

Bucheon, Gyeonggi-do

Tel 82 32 680 3114

Fax 82 32 681 0104

www.doosanfeed.com

Oricom Inc.Doosan Bldg., 105-7

Nonhyeon-dong

Gangnam-gu, Seoul

Tel 82 2 510 4114

Fax 82 2 542 3966

www.oricom.com

Doosan Cuvex Co., Ltd.1007-1 Joungjok-ri, Sindong-myun

Chunchon, Gangwon-do

Tel 82 33 260 1114

Fax 82 33 263 6060

www.ladenaresort.com

DFMS105, Nonhyeon-dongGangnam-gu, SeoulTel 82 2 2007 6200Fax 82 2 518 2881www.dfms.co.kr

RexCon2726 Bangbae-dong Seocho-gu, SeoulTel 82 2 2182 7777Fax 82 2 2182 7778www.rexcon.co.kr

Yonkang FoundationYonkang Bldg., 270Yeonji-dong, Jongno-gu, SeoulTel 82 2 766 7771Fax 82 2 745 9896www.yonkang.org

Yonkangwon(DLI)52-2, Gil-dong, Gangdong-guSeoulTel 82 2 2041 3000Fax 82 2 2041 3001dli.doosan.com

Domestic Network

Global Network

Doosan Corporation

Electro-Materials

CHANSHUNo.168 Hulian Rd.Tonggang Industrial Park, Changshu Economic Development Zone, Changshu City, Jiangsu Province, ChinaTel 86 512 8235 9859Fax 86 512 8235 9106

HONG KONGDoosan (H.K.) Ltd.Suite 1210B Tower 2, China Hong KongCity, 33 Canton Road, TsimshatsuiKowloon, Hong KongTel 852 2815 2238Fax 852 2815 0016

SHANGHAI No.168 Hulian Rd.Tonggang Industrial Park, Changshu Economic Development Zone, Changshu City, Jiangsu Province, ChinaTel 86 512 8235 9102Fax 86 512 8235 9946

SHENZHENRoom 2212-2213, Chang PingCommercial Building, Hong Hua Road99, Fu Tian Free Trade Zone,Shen Zhen, ChinaTel 86 755 8278 8201Fax 86 755 8278 8955

SINGAPOREDoosan Electro-MaterialsSingapore Pte Ltd.No.3 International BusinessPark # 03-14Nordic European CentreSingapore 609927Tel 65 6862 6327Fax 65 6862 6329

TAIWAN Office4Floor 2, No. 160, Lane 6, Minquan Dong Rd. Neihu Taipei City, Taiwan Tel 886 2 2791 6160Fax 886 2 2790 6450

TOKYO Branch2403-A, Mita Kokusai Bldg, 1-4-28, Mita, Minato-ku, Tokyo 108-0073, JapanTel 81 3 3452 6261Fax 81 3 3452 6267

Mottrol

Doosan Mottrol Jiangyin Co., Ltd. [DMJC]No.1209, Binjiangxi road, New Material Industrial Park, New Harbour City, Jiangyin, Jiangsu Province, China 21444Tel 86 510 8603 5260Fax 86 510 8603 5259

Doosan Industrial Vehicle Co., Ltd.

Doosan Industrial Vehicle America Corp.2905 Shawnee Industrial Way NW,Suwanee, GA 30024 USATel 1 770 831 2200Fax 1 770 831 2250

Doosan Industrial Vehicle America Corp. (Cleveland)4350 Renaissance Parkway, Warrensville Heights, OH 44128 USATel 1 216 595 1212Fax 1 216 595 1214

Doosan Industrial Vehicle UK Ltd.Unit 12, Kilvey Road, Brackmills Industrial Estate, Northampton NN47BQ UKTel 44 1604 825600Fax 44 1604 825650

Doosan Industrial Vehicle Europe N.V.Europark Noord 36A 9100Sint-Niklaas BelgiumTel 32 3 760 1644Fax 32 3 760 0989

Doosan Industrial Vehicle Europe (Germany)Rolandstraße 5, 45128 Essen, GermanyTel 49 201 507611-28Fax 49 201 507611-39

Doosan Industrial Vehicle Europe (France)ZAC La Clef St. Pierre - Buroplus 21a av. Jean d’Alembert 78990 Elancourt FranceTel 33 1 3016 2151Fax 33 1 3016 2155

Doosan Industrial Vehicle Europe (Italy)43, Via Alighieri Dante, Lissone, MB 20035, ItalyTel 39 39 245 7140Fax 39 39 245 7257

Doosan Logistics Europe GmbHAm Stieg 17, OT Freiwalde,D-15910 Bersteland, GermanyTel 49 35 474 2080Fax 49 35 474 20815

Doosan Industrial Vehicle Yantai Co., Ltd.Wuzhishan Road 28, Eco&Tech, Develop-ment Area, Yantai Shandong, ChinaTel 86 535 639 0550Fax 86 535 639 0559

Beijing BranchNo.1702, Tower 2, BoYa International Center, No.1 Lizezhongyi Road, Chaoyang District, Beijing, 100102, ChinaTel 86 010 8478 2638Fax 86 010 8478 2618

Shanghai OfficeRoom J1,19,ZhaoFeng Universe Building, 1800 ZhongShan W.RdShangHai,200235 ChinaTel 86 21 6440 0845Fax 86 21 6440 0726

Doosan Heavy Industries &Construction Co., Ltd.

- Americas Subsidiaries

Dosan Heavy Industries America Corp.10th Floor, Parker Plaza, 400 Kelby Street, Fort Lee, NJ 07024, USATel 1 201 944 4554 31, 24Fax 1 201 944 5022

[Newington Office]178 Shattuck Way, Newington,NH 03801, USATel 1 603 433 5507Fax 1 603 433 1060

[Pittsburgh Office]C/O Westinghouse Electric Company Suite 115C, 600 Cranberry Woods Drive,Cranberry Township, PA 16066, USATel 1 412 374 6071Fax 1 724 720 0903

[Schenectady Office]General Electric Building 33, Room 202A One River Road, Schenectady,NY 12345, USATel 1 518 385 5218Fax 1 518 385 4984

Doosan Power Systems

[Atlanta Office]1050 Crown Pointe ParkwaySuite 1200, Atlanta GA 303385, USATel 1 770 551 5700Fax 1 770 551 5753

[Sao Paulo Office]7th Floor, Alameda Santos 787, Sao paulo, 01419-001, BrazilTel 55 11 2348 0100

Doosan Enginering & Services Llc5 Paragon Drive, Montvale, NJ 07645, USATel 1 201 746 8200Fax 1 201 746 8210

Doosan Hydro Technology, Inc.912 Chad Lane, Tampa, FL 33619, USATel 1 813 805 8800Fax 1 813 623 6092

- Branches

Santiago OfficeNueva Tajamar 481, Oficina 1103,Las Condes, Santiago, ChileTel 56 2 657 3333Fax 56 2 657 3343

Tampa Office912 Chad Lane, Tampa, FL 33619, USATel 1 813 805 8800Fax 1 813 623 6666

Tampa Water R&D Center912 Chad Lane, Tampa, FL 33619, USATel 1 813 805 8800Fax 1 813 623 6666

- Asia Subsidiaries

Doosan Heavy Industries Japan Corp.2413 Mitakokusai Bldg. 1-4-28, Mita, Minato-ku, Tokyo 108-0073, JapanTel 81 3 3452 5451~3Fax 81 3 3452 5624

Doosan Heavy IndustriesVietnam Co., Ltd. (Doosan Vina)Dung Quat Economic Zone,Binh Thuan Commune Binh Son District, Quangngai Province, VietnamTel 84 55 3618 900Fax 84 55 713 008

Doosan Heavy IndustriesVietnam Haipong Co., Ltd.Km 92, National Highway 5, So Dau Ward, Hong Bang District, Haiphong City, VietnamTel 84 31 371 2710Fax 84 31 371 2714

Doosan Power Systems India Pvt. Ltd.

[New Delhi Main Office]16th floor, DLF Square Building, Jacaranda Marg, Near NH-8, DLF Phase-IIGurgaon, Haryana 122 002, IndiaTel 91 124 439 8200Fax 91 124 414 7006

[New Delhi Marketing Office]515-5th Floor, Times Tower, M.G. Road(Opp. Central Mall), Gurgaon, Haryana 122 002, IndiaTel 91 124 665 3300Fax 91 124 665 3345

[Mumbai Office]501,5th floor, CNB Square Bldg. Sangam Complex, Near Sangam Cinema, Andheri-Kurla Road, Chakala, Andheri(East), Mumbai 400 059, IndiaTel 91 22 6177 0501Fax 91 22 6177 0599

[Hydrabad Office]119/ 1/F, White House, Block-3, 6-3-1192/1/1, Kundan Bag, Begumpet, Hyderabad 500 016, IndiaTel 91 40 6612 7071Fax 91 40 6613 2447 [Kolkata Office]226/1 A.J.C Bose Road, 5E Trinity Building Kolkata 700 020, IndiaTel 91 33 4003 3562~4Fax 91 33 4003 3018

[Chennai Engineering Office] 5th Floor, Gee Gee Universal, No.2, Mc. Nichols Road, Chetpet, Chennai 600 031, IndiaTel 91 44 2836 6930Fax 91 44 2836 6936

Doosan Chennai Works Pvt. Ltd.18/2A, Senneerkuppam, Bypass Road, Poonamallee, Chennai 600 056, IndiaTel 91 44 6645 5555Fax 91 44 6645 5500~1

- Branches

Bangkok Office10th Floor, M-Thai Tower,All Seasons Place, 87 Wireless RoadPhatumwan, Bangkok 10330, ThailandTel 66 2 654 0690Fax 66 2 654 0693

Beijing Office19th Floor, Gateway Plaza, Tower B,No. 18 Xiaguangli, North Road,East Third Ring Chaoyang District,Beijing 100027,ChinaTel 86 10 8454 7122, 7136Fax 86 10 8484 7139

Hanoi Office#1101, Daeha Business Center, 360 Kim Ma, Ba Dinh District, Hanoi, VietnamTel 84 4 6273 0545Fax 84 4 6273 0550

Jakarta OfficePlaza Bapindo, Mandiri Tower 20F, Jl Jend Sudirman No 54-55, Jakarta, IndonesiaTel 62 21 2995 0105Fax 62 21 2995 0108

Shanghai Office#809, Building A, Far East InternationalPlaza No. 319, Xian Xia Road, Chang Ning District Shanghai 200051, ChinaTel 86 21 5877 8696Fax 86 21 5877 5938 Taipei Office#704, No.51, Keelung Road Section 2,Taipei, Taiwan, R.O.C.Tel 886 2 2739 2255Fax 886 2 2739 2266

- Europe Subsidiaries

Doosan Power Systems Ltd.Doosan House, Crawley Business Quarter, Manor Royal, Crawley, West Sussex, RH10 9AD, UKTel 44 1293 61 2888Fax 44 1293 58 4321 [Doosan Babcock]Porterfield Road, Renfrew, PA4 8DJ, UKTel 44 141 886 4141Fax 44 141 885 3338 [Škoda Power Ltd.]Tylova 1/57, 301 28 Plzen, CzechTel 420 378 185 128Fax 420 378 185 900 [Doosan Lentjes GmbH]Daniel-Goldbach-Str. 19, 40880 Ratingen, GermanyTel 49 2102 166 1111Fax 49 2102 166 2111

Doosan IMGB104 Berceni Road, Bucharest 4, RomaniaTel 40 21 301 2500Fax 40 21 301 2701

- Branches

Frankfurt Office9th Floor, Arabella Center, Lyoner Strasse 44-48Frankfurt am Main 60528, GermanyTel 49 69 69 5004 0Fax 49 69 69 5004 10

- Middle East & Africa

- Branches

Abu Dhabi Office# 508, Al Ghaith Tower, Hamdan Street,P.O. Box 27767, Abu Dhabi, UAETel 971 2 627 6273Fax 971 2 627 6274

Cairo Office2nd floor, Land Mark Building 1,Southern 90th Road, Cairo, EgyptTel 20 2 2613 1038

Doha Office#16 Abdulla Al Kuwari Building, C Ring Road, Al Muntaza Area, Doha, QatarTel 974 4443 5201Fax 974 4443 5218

Dubai Office30th Floor, Monarch Office Tower,Sheikh Zayed Road, P.O.Box 11859,Dubai, U.A.E.Tel 971 4 327 5545Fax 971 4 327 5529

Dubai Water Dubai R&D Center29th Floor, Monarch Office Tower,Sheikh Zayed Road, P.O.Box 11859,Dubai, UAETel 971 4 327 5545Fax 971 4 327 5596

Kuwait Office7B, Block 49, Plot 35, Laila Commercial Tower, Salmiya, KuwaitTel 965 6001 3075Fax 965 2575 2001

Middle East Operations Center30th Floor, Monarch Office Tower,Sheikh Zayed Road, P.O.Box 11859,Dubai, UAETel 971 4 327 5545Fax 971 4 327 5592

Riyadh Office# 205~207, The Plaza Building (Akariya No. 4), Olaya Street, P.O.Box 9656, Riyadh 11423, Kingdom of Saudi ArabiaTel 966 1 419 1696Fax 966 1 419 1995

Doosan Infracore Co., Ltd.

EMEA Doosan Infracore ConstructionEquip. HQDreve Richelle 167 Waterloo B1410BelgiumTel 32 23 71 68 11

Doosan Infracore Europe S.A.(Construction Equip.)Add 1A, Rue Achille Degrace FrameriesB7080 BelgiumTel 32 478295266

Doosan Bobcat Engineering s.r.o.Doosan Bobcat Manufacturing s.r.o.U Kodetky 1810 Dobris CZ26312Czech RepublicTel 420 318 532 258

Montabert Lyon203 Route Grenoble Saint PriestF69800 FranceTel 33 4 72 22 97 58

Bobcat of Lyon SASRue Champ Dolin BP 11 Saint PriestF69800 FranceTel 33 472 79 78 73

Bobcat FranceRoute de Nantes 44160Pont Chateau FranceTel 33 2 40 00 73 75

Doosan Infracore France(Construction Equip.)ZAC de la Clef Saint Pierre - Buroplus21a, avenue Jean d’ Alembert ElancourtF78990 FranceTel 33 1 3016 2151

Geith International Ltd.Grangegeeth Slane Co Meath IrelandTel 353 41 9824143

Doosan Trading Ltd. (Construction Equip.)Block B Balheary Road BusinessCampus Swords Co Dublin IrelandTel 353 1 6502000

Bensheim GmbH (Construction Equip.)Berlinger Ring 169 Bensheim DE64625GermanyTel 49 6251 8482 314

Doosan Infracore Europe S.A.(Construction Equip.)Heinrich von stephan Strasse 2Langenfeld-Fuhrkamp DE-40764 GermanyTel 49 2173 2035218

Doosan Infracore Germany GmbH.(Machine Tools)Hans-Boeckler-Strasse 27-29,D-40764 Langenfeld-Fuhrkamp,GermanyTel 49 2173 85090

Doosan ADT ASVarhol Elnesvagen N6440 NorwayTel 47 712 68 500

Doosan Infracore Turkey TechnicalCenter (Machine Tools)Uzuncayir Cad. NO.:31 A1 Blok, K:2,D:14, 34722 Hasanpasa, Istanbul,TurkiyeTel 90 216 428 5441

Doosan Infracore UK(Construction Equip.)Unit 6.3- Nantgarw Park Treforest Ind.Estate Cardiff CF15 7QU U.K.Tel 44 1443 845650

Doosan Infracore Russia(Construction Equip.)Kransnoprenenskaya quay 12,Office No.1503123610, Moscow, RussiaTel 7 495 258 1837

Doosan Infracore Russia TechnicalCenter (Machine Tools)Krasnaya st.1, Lubercy, Moscow Reg.,Russia 140 000Tel 7 495 981 83 45

Doosan South Africa(Construction Equip.)10 Fricker Road IIIovo Boulevard IIIovoZA2196 South AfricaTel 27 11 864 3933

Doosan Infracore China InvestmentCo., Ltd.19/F, Tower B, Gateway. No.18,Xiaguangli, North Road East ThirdRing,Chaoyang District, Beijing 100027ChinaTel 139 1074 0224

Doosan Infracore China Co., Ltd.(Construction Equip.)19/F, Tower B, Gateway. No.18Xiaguangli, North Road East Third Ring,Chaoyang District, Beijing Beijing,100027 ChinaTel 010 84782608

Doosan Infracore Machine ToolsYantai Co., Ltd. Beiling OfficeRoom 603, Zhongchen BuildingNo.1 Lize Zhong 2 Road, WangjingChaoyang District, Beijing, ChinaTel 010 64390500 (601-608)

Doosan Infracore China Co., Ltd.(Construction Equip.)No.28 Wuzhishan Road, Eco&Tech.Development Area, Yantai Shandong264006 ChinaTel 135 0535 2797

Doosan Infracore Shandong Co., Ltd.(Construction Equip.)No.1088, Xinchengdajie Street,Muping Economic Developing Zone,Yantai Shandong 264100 ChinaTel 138 0535 1970

Doosan Infracore Machine ToolsYantai Co., Ltd.No.1, Dayu 1 Road, Eco&Tech.Development Zone, YantaiShandong, ChinaTel 86 535 6935000

Doosan Infracore Suzhou Co., Ltd.(Construction Equip.)10/F, Xing Hai Plaza, No.198 Xing HaiStreet, SIP, Suzhou Jiangsu 215021ChinaTel 86 0516 8773 9000

Doosan Infracore China Co., Ltd.(Construction Equip.)Room A, 25, Zhao-Feng UniverseBuilding, 1800 Zhongshan W. RdShanghai Shanghai 200235, ChinaTel 021 64400842

Doosan Trading(Shanghai) Co., Ltd.(Construction Equip.)Room 2102 - 2104, Tower B,Dawning Center, 500 Hong BaoShi Road, Chang Ning DistrictShanghai Shanghai, 201103 ChinaTel 86 21 3209 2288 ext.1821

Doosan Infracore Machine ToolsYantai Co., Ltd. Shanghai Office(Machine Tools)13 Building, 140 Tianlin Road,Xuhui District, Shanghai, ChinaTel 021 54451155 812 815

Doosan Infracore China Co., Ltd.Xi’an Branch(Construction Equip.)RoomA-03, 4/F, Jinye Buiding,No. 100, South Second Ring Xi’anShanxi 710065, ChinaTel 029 88376731

Contact Tel. 02 . 3398 . 1088 Fax. 02 . 2285 . 5188 www.doosan.com Doosan annual brochure can be downloaded from our website.

Doosan Infracore China., Ltd. ShenYang Branch (Construction Equip.)Room 2306 tower C PresidentBuilding, No. 69 Heping North StreetHeping District, Shen Yang Liaoning110003 ChinaTel 024 22812783

Doosan Infracore China., Ltd. WuHan Branch(Construction Equip.)4103 A, Shi Mao Plaza, No.686 JiefangAvenue Wuhan Hubei 430020, ChinaTel 027 83316519

Doosan Infracore China Co., Ltd.Cheng Du Branch (Construction Equip.)F, 6F, Hongdi Building, No.153 NorthKehua Road Chengdu Sichuan 610021ChinaTel 028 86026029

Doosan Infracore China Co., Ltd.HeFei Branch (Construction Equip.)Room 1005 10th floor,Sunan Plaza,NO.389-399 Jinzhai Road Hefei Anhui230061 ChinaTel 0551 5178362

Doosan International ManufacturingChina Co., Ltd. (Construction Equip.)88 Wufang Road, Wujiang EconomicDevelopment District Wujiang Anhui215200 ChinaTel 138 6204 1916

Doosan Infracore China Co.,Ltd.(Engines)1800 Zhongshan W.Rd. Shanghai,200233 ChinaTel 86 21 6440 3050

Xuzhou Xugong Doosan EngineCo., Ltd.221-004 7F, XCMG,Industry Area No.1,Xuzhou EconomicDevelopment Zone,Jiangsu, ChinaTel 86 0516 8773 9000

Doosan Infracore Machine ToolsYantai Co., Ltd. Gunagzhou OfficeRoom No.4019-4021, CHINA SHINEPlaza, NO.9 Lin He Xi Road Tian HeDistrict, Guangzhou Guangdong,ChinaTel 86 20 3810 6524

Doosan Infracore Machine ToolsYantai Co., Ltd. Chongqiing Office6-5 Starlight Mansion, 1th StarlightRoad, Hi-Tech Park, Nothern NewDistrict, Chongqing, ChinaTel 023 63111486

Doosan International South EastAsia Pte Ltd. (Construction Equip.)42 Benoi Road Jurong 629903SingaporeTel 65 6499 0200

Doosan Infracore India Pvt.Ltd.(Construction Equip.)3rd Floor, TNPL Building No.67, Mount Road, Guindy Chennai 600032 IndiaTel 91 99 4064 8687

Doosan Infracore India TechnicalCenter (Machine Tools)Site No 143-B2, B3&B4, Bommasandra Industial Area. I&II Phase, Hebba Godi village, Attibele Hobli, Anekal Taluk, Bagalore, IndiaTel 91 080 4266 0110

Bobcat Corp. Japan636 Morooka-cho Kohoku-ku,Yokohama 222-0002 JapanTel 81 45 532 0151

Doosan Infracore Japan Corp.Doosan Portable Power Japan2402, mita Kokusai Bldg, 1-4-28 Mita, Minato-Ku Tokyo 108-0073 JapanTel 81 3 5730 9011

Doosan Infracore Construction Equip.North America HQ400 Perimeter Center Terrace Suite 750 Atlanta GA 30346 USATel 1 770 353 3800

Doosan Infracore Construction Equip.400 Perimeter Center Terrace Suite 750 Atlanta GA 30346 USATel 1 770 353 3883

Bobcat CompanyPO Box 128 210 1st Ave NE Gwinner ND58040 USATel 1 701 678 6241

Bobcat Company250 East Beaton Drive PO Box 6000West Fargo ND 58078-6000 USATel 1 701 241 8700

Doosan Infracore Portable Power1293 Glenway Drive Statesville North Carolina 28625 USATel 1 704 883 3586

Bobcat Company521 South 22nd Street Bismarck North Dakota 58504 USATel 1 701 222 5466

Bobcat Company2101 11th St N WahpetonND 58075 USATel 1 701 451 7003

Doosan Infracore America (Engines)2905 Shawnee Industrial Way NWSuwanee, GA 30024 USATel 1 770 831 3481

Doosan Infracore America Corp.(Machine Tools)19 Chapin Rd, Pine Brook,NewJersey 07058 USATel 1 973 618 2500

Doosan Infracore America MidwesternTechnical Center (Machine Tools)1701 F Howard Street Elk Grove Village,IL 60007, USATel 1 847 437 1010

Doosan Infracore America WesternTechnical Center (Machine Tools)488 W. Meats Ave. Orange,Ca 92865, USATel 1 714 974 1330

Doosan Infracore America EasternTechnical Center (Machine Tools)2906 Business Park Drive Building C,Memphis, TN 38118, USATel 1 901 362 5192

Doosan Infracore America SouthernTechnical Center (Machine Tools)10010 Houston Oaks Drive,Houston, TX 77064, USATel 1 832 912 2000

Doosan Portable Power Canada1185 Matheson Blvd,East Mississauga, ON L4W 1B6Tel 1 905 206 0022

Doosan Bobcat Chile S.A.SAN IGACIO #701 – Parque IndustrialBuenaventura Quilicura – SantiagoChileTel 09 138 75 10

Doosan Infracore do Brasil Servic osde Suporte Comercial Ltda.(Construction Equip.)Alameda Santos 2222 CJ52, 5a andar,Cerqueria Cesar CEP 01418.200 SaoPaulo BrazilTel 55 11 3061 3227

Doosan Engineering &Construction Co., Ltd.

Doosan Vina (CPE Plant)Dung Quat Economic Zone, BinhThuan, Binh Son, Quang NgaiProvince, VietnamTel 84 55 3618 900Fax 84 55 3618 954

Houston Branch Office4900 Woodway Drive, Suite 725Houston, Texas 77056, U.S.A.Tel 1 713 961 4646Fax 1 713 961 4647

Cambodia Branch OfficePhnom Penh Tower 12F, #445, Monivong Blvd(st.93/232), Khan 7 Makara, Phnom Penh, CambodiaTel 855 23 99 25 02Fax 855 23 99 25 03

Russia OfficeOffice 1503, Entrance 3, World Trade Center Krasnopresnenskaya emb. 12, Moscow, 123610, RussiaTel 7 495 258 1775, 1776Fax 7 495 258 1837

Doosan Do Brasil Participacos LtdaAvenida das Americas, 3434, Bloco4, Sala 319 Centro Empresarial Mario Henrique Simonsen 22640-102-Rio de janeiro-RJ-BrajilTel 55 21 9671 7447

Doosan Engine Co., Ltd.

HAMBURGHeidenkampsweg 100, 8 O.G,Hamburg, Germany 20097Tel 49 40 2533 5656Fax 49 40 2533 5661

SHANGHAIRoom C.23F Huadu B/D #838Zhangyang Road,Pudong, Shanghai 200120, ChinaTel 86 21 6875 0876Fax 86 21 6875 0864

SINGAPORE78,ShentonWay,#16-04,Singapore 079120Tel 65 6222 5515Fax 65 6222 5525

Doosan Marine Industry(Dalian)Co., Ltd. [DMI]Dagushan Nangang Industry Park,Development Zone, Dalian, P.R. China.P.C. : 116601Tel 86 411 8751 7957Fax 86 411 8751 7956

Doosan Capital Co., Ltd.

BEIJING20/F Tower B, Gateway, No.18Xiaguangli, North RoadEast Third Ring,Chaoyang District, Beijing 100027,ChinaTel 86 10 8454 7200Fax 86 10 8454 7102

Doosan Advertising Company

BEIJING19th FL., Tower B, GATEWAY, No.18Xiaguangli, North RoadEast Third Ring, Chaoyang DistrictBeijing 100027, ChinaTel 86 10 8454 7185~7188Fax 86 10 8454 7190

www.doosan.comDoosan Tower, 18-12, Euljiro 6-ga, Jung-gu, Seoul, KoreaTel 82 2 3398 0114

doosan building your tomorrow today

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